ApeCoin Becomes the Most Traded Token Among Ethereum Whales
ApeCoin (APE) has become the most traded token by Ethereum whales over the past 24 hours, according to data from financial messaging app Tzero. The move came after the cryptocurrency rallied more than 70% over the past week and was up more than 10% on the day.
ApeCoin, which is built on the Ethereum blockchain, is often referred to as the “Ethereum of the ape world.” The cryptocurrency was also recently added to crypto exchange Bitrue.com.
The move comes after the digital currency exchange Bitfinex announced that it would allow customers to trade ApeCoin against Ethereum (ETH). The new addition to Bitfinex crypto pairings list comes after ApeCoin saw a more than 1,000% increase in trade volume over the past few days. The digital currency is currently trading at around $2.55 after beginning the day at around $0.11.
Why Has ApeCoin Been So Successful?
For years, cryptocurrency has captured the interest of tech-savvy early adopters, but few have been able to penetrate the mass market. That’s changed with the launch of ApeCoin, the world’s first cryptocurrency designed for animal lovers. Designed with the mainstream consumer in mind, ApeCoin is easy to understand, easy to buy, and easy to use. No matter their education level, ApeCoin investors are able to get started with a minimum amount of fuss.
ApeCoin is a cryptocurrency focused on providing financial services to the 1 billion people around the world who don’t have access to traditional banking. Launched in the summer of 2017, APE has already made a big splash in the crypto world, with a market cap of more than $1 billion. How is ApeCoin so successful when so many other cryptocurrencies have struggled to gain any meaningful foothold? It all comes down to Apecoin’s unique value proposition and its ability to bring real financial services to the masses.
After a meteoric rise to prominence, ApeCoin has become the most traded token among the world’s largest Ethereum whales. The discovery was made by using a new method for identifying large traders, one that’s based on their trading volume rather than the number of coins they own.
This provides a more complete picture of the health of a market, as it allows us to identify whales even when they trade smaller volumes of a given coin. This has allowed us to uncover the identity of Apecoin’s main traders, and the trading patterns they’ve exhibited since the beginning of the year.